Brands & Branding and Private Labels Case Study

Bank of Baroda: The Re-branding Strategies

OR

Abstract:
It is generally said that change as a response is not as definitive a measure of leadership as change as a proactive step. Organisations do respond to demanding situations. Some responses are turnaround strategies, some are restructuring strategies and some others are re-engineering exercises.

Bank of Baroda with its 97 years of unblemished history has ushered in an 'adaptive change' as opposed to a 'technical change' under the leadership of its chairman, Dr. Anil K. Khandelwal. A re-branding exercise was taken up as a part of this change to revitalise the bank. It was of a scale that had rarely been witnessed in any government-owned financial institution in India. The complete makeover of the external facade of the bank was completed in 53 days and the new brand was launched on June 6th 2005. Within a month, the re-branding was hailed as a successful initiative by all quarters with even the skeptics becoming believers. However, with the Indian banking industry being opened up to foreign players, the competition might blur these historic changes.

Pedagogical Objectives:

• To discuss the relevance of branding in banks, especially public sector banks
• To understand the Indian financial system and the evolution of the Indian banking industry
• To make out or oppose a case for consolidation in the Indian banking industry
• To delve deep into the concepts of brand and branding in the context of Bank of Baroda
• To analyse the concept of brand equity as applicable to banks with specific reference to Bank of Baroda
• To contextualise the need for change, the process of change and continuous monitoring of change envisaged in Bank of Baroda's organisational transformation.

Keywords : Indian banking industry and financial system, Product, Brand, Branding, Brand equity, Brand life cycle, Re-branding strategies, Re-positioning, Brands & Branding Case Study, Dr. Anil K. Khandelwal, Logo, Colour, Brand ambassador, Celebrity endorsement, Rahul Dravid, Brand communication strategy, Internal and external communication strategy, Competitive strategy, market share, Need for Re-branding, State Bank of India (SBI) and ICICI Bank, India’s international bank, Public sector banks (PSBs), Liberalisation, Consolidation